For individuals who have good decision-making skills and love the idea of financial planning, a career as a credit controller might be a very good option. Credit controllers decide whether or not to grant credit to individuals or companies, and they manage the debt of existing creditors. There are two main fields of specialization in this career: working with consumer credit, which involves lending money to individual members of the public, or working in commercial credit, which deals with lending money to business customers.
The vast majority of organizations and businesses, from charities to banks, need credit controllers. Regardless of the company or organization one works for, the job is likely to include the following tasks:
- Checking the credit ratings of applicants with banks
- Making a decision on whether or not to approve an application for credit
- Drawing up the conditions and terms of the credit agreement
- Handling internal queries regarding payment
- Ensuring that customers pay regularly
- Negotiating with customers regarding repayment plans
A credit controller’s job also involves reviewing debt recovery procedures and stopping the supply of services and goods to non-payers. He or she will also have the unenviable task of initiating legal action if a client misses multiple payments. This requires a lot of tact and strong decision-making skills.
Credit controllers work primarily in an office-based environment. Their working hours are usually from 9 to 5 on weekdays. During busy periods, such as at the end of the financial year, they are sometimes required to work overtime.
They are also required to meet with clients, and occasionally they might have to attend court hearings in cases where legal action has to be taken against a client to recover outstanding money.
For someone that enjoys the job, the long-term prospects are excellent. Starting as a credit-control clerk, one can advance to be a supervisor. The next step up is team leader. For good candidates, a management position is a strong possibility. One of the most sought after jobs in this field is that of a credit consultant – someone who purely acts in an advisory capacity.
An online finance degree can be the first step towards a rewarding career in credit control. Learn more about the opportunity to earn your degree online at Accredited-Online-Colleges.com.